Gulf Keystone Petroleum Ltd. Directorate Change (8504A)
June 03 2019 - 1:01AM
UK Regulatory
TIDMGKP
RNS Number : 8504A
Gulf Keystone Petroleum Ltd.
03 June 2019
3 June 2019
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Directorate Change
Gulf Keystone, a leading independent operator and producer in
the Kurdistan Region of Iraq, announces that Sami Zouari, Chief
Financial Officer (CFO), will be stepping down as CFO and a
Director of the Company during the second half of the year, and
will leave the business by no later than 2 December 2019.
Mr Zouari has been CFO of GKP since January 2015 overseeing both
financial and commercial activities in the company. Since joining,
he has played a key role in the strategic turnaround of the
business, in particular leading the 2016 implementation of a new
capital structure, materially strengthening the Company's balance
sheet and bringing about a significant debt reduction. In addition,
he has overseen the $100 million bond refinancing completed in
2018, and, most recently, was instrumental in the introduction of
the Company's maiden dividend policy.
In addition to remuneration in respect of his six-month notice
period which will run from the date of this announcement, Mr Zouari
will remain eligible to receive a pro rata bonus under the
Executive Bonus Scheme for the 2019 financial year. With respect to
Mr Zouari's current outstanding options held under the 2016 Value
Creation Plan (VCP), these will be retained by Mr Zouari and will
vest according to the rules and normal operation of the VCP,
subject to performance conditions being attained.
A leading search firm will be appointed to find Mr Zouari's
successor and the process is expected to be concluded over the
coming months. A further announcement will be made in due
course.
Jaap Huijskes, Chairman of the Company, said:
"On behalf of the Board, I would like to thank Sami for his
substantial positive contribution over the past four and a half
years. He has played a pivotal role in bringing Gulf Keystone back
from the brink of collapse and helping to shape it into the
profitable company it is today. We wish Sami well for the future
and look forward to an orderly handover to his successor over the
coming months."
Jón Ferrier, Chief Executive Officer, said:
"It has been a privilege to work with Sami who has been key in
the overall turnaround of the company. His legacy will be the
strong financial position GKP enjoys today, which is in marked
contrast to the Company he joined in early 2015. I look forward to
continuing to work closely with him over the coming months, at what
remains an important time for us as we materially build production
from the Shaikan Field. I echo the Chairman's thanks for his
important contribution to the Company throughout his tenure as CFO,
and have no doubt that he will be employing his intellect,
strategic grasp and leadership skills in his future
endeavours."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Jón Ferrier, CEO
Sami Zouari, CFO
Celicourt Communications: +44 (0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent
operator and producer in the Kurdistan Region of Iraq and the
operator of the Shaikan Field with current production capacity of
40,000 barrels of oil per day. Further information on Gulf Keystone
is available on its website www.gulfkeystone.com
Disclaimer
This announcement contains certain forward-looking statements
that are subject to the risks and uncertainties associated with the
oil & gas exploration and production business. These statements
are made by the Company and its Directors in good faith based on
the information available to them up to the time of their approval
of this announcement but such statements should be treated with
caution due to inherent risks and uncertainties, including both
economic and business factors and/or factors beyond the Company's
control or within the Company's control where, for example, the
Company decides on a change of plan or strategy. This announcement
has been prepared solely to provide additional information to
shareholders to assess the Group's strategies and the potential for
those strategies to succeed. This announcement should not be relied
on by any other party or for any other purpose.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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